In a fiduciary relationship, which of the following duties is an obligation of a licensee?

Subrogation refers to the right of one party to step into the shoes of another party to claim their rights, typically seen in insurance contexts. It is not a duty imposed on a licensee in a fiduciary relationship, as it pertains more to the transfer of rights rather than the responsibilities of disclosure and representation in client relationships.

Estoppel is a legal principle that prevents a party from denying or asserting something contrary to what is implied by a previous action or statement. While it may be relevant in legal contexts, it does not represent a specific duty of a licensee within a fiduciary relationship, which focuses more on the active responsibilities like disclosure.

Agency refers to the relationship where one party acts on behalf of another, but it is a broader concept rather than a specific duty of a licensee. While the licensee may operate under an agency relationship, the key duty that distinguishes their role is the obligation to disclose information to the client.